Following a wake turbulence encounter on short final the pilot of an RV7 failed to hold short of an active runway as cleared. Quick action by the Tower averted an encounter with a departing aircraft.

Narrative

I was 2nd to land in a flight of 3. On short final for 11 I hit the 1st aircraft's wake. I added power to ensure control and climb over the wake. This caused me to land long and miss the taxiway that the first aircraft used to exit the right side of the runway. All other taxiways were off the left side of the runway so I was now separated from my flight. I contacted the Tower when I exited the runway to the left and was told to 'Taxi to and hold short of 29 at Echo.' I read back exactly what I was told but somehow in all the confusion of what I had expected to happen; what did happen; as well as my passenger talking; I did not fully process what I was told. When I got to Echo I thought I was cleared to cross and started across the active runway. I never made it to the runway but crossed the holdshort bars the tower then asked me to confirm I had heard the hold short instructions. I immediately turned around and was back across the bars. The Tower then cleared me to cross after another aircraft had departed and I then taxied back to parking with the flight. This was the first time I have ever had a misunderstanding with ATC and was most definitely a wake up that has caused me to slow down and double/triple check all of my instructions from the ATC.